After prolonged speculation by economic analysts and news media, the Federal Open Market Committee of the Federal Reserve raised short-term interest rates for the first time in seven years. Committee members voted to raise the target federal funds rate to a range of 0.25 to 0.50 percent from a range of 0.00 to 0.25 percent to be effective December 17.
What’s Ahead For Mortgage Rates This Week – December 14, 2015
Last week’s scheduled economic releases included reports on job openings, retail sales and consumer confidence in addition to usual weekly releases on mortgage rates and new jobless claims.
What’s Ahead For Mortgage Rates This Week – December 07, 2015
Multiple economic reports released last week indicate further improvement in economic conditions. Pending home sales, construction spending and ADP payrolls increased while Non-farm Payrolls fell and the national unemployment rate held steady.
What’s Ahead For Mortgage Rates This Week – November 30, 2015
Although last weekâs economic calendar was cut short by the Thanksgiving holiday, several housing-related reports were released. The FHFA reported on third quarter results for its Housing Market Index and the Commerce Department reported on new home sales for October. Freddie Mac released its weekly report on mortgage rates and data on new weekly jobless claims was also released.
Existing Home Sales Fall More Than Expected
Sales of previously owned homes reached 5.36 million sales on a seasonally adjusted annual basis and fell by 3.40 percent in October according to the National Association of Realtors. Rising home prices and a shortage of available homes strained housing markets. Concerns over potentially higher mortgage rates may have sidelined home buyers as concerns over an anticipated rate hike by the Federal Reserve persisted.
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